Government last night announced the removal of the requirement to file prospectuses for listed companies.A spokesman said Minister of Business Development and Tourism Wayne Furbert “has approved an amendment to the Companies Act 1981 to remove the current requirement that certain companies file a prospectus with the Bermuda Registrar of Companies. This is applicable to companies whose shares are listed on an exchange deemed an ‘appointed stock exchange’ by the Minister of Business Development and Tourism; or the prospectus is otherwise accepted by a ‘competent regulatory authority’ appointed by the Minister.”Minister Furbert said: “This amendment to the Companies Act was proposed by a consortium of Bermuda stakeholders working through the Business Bermuda Legislative Change Committee who provided a wide range of recommended amendments in 2011. The proposed amendments are intended to respond to changed economic circumstances with the international business environment with the specific intent of removing inefficiency.”Anthony Whaley, partner at Bermuda law firm Conyers Dill & Pearman and Chairman of the Business Bermuda Legislative Change Committee said: “This is very welcome news for the international business sector. The Legislative Change Committee was instrumental as a stakeholder in bringing about this amendment and we are very pleased to see that Government has supported this position. This removal of an unnecessary step makes the process of doing business in Bermuda even more attractive and that is good for the industry as a whole.”The spokesman added the Government began adopting many of the recommendations of the Legislative Change Committee in late 2011 with the passing of the Companies Amendment (No. 2) Act 2011 and this decision is simply an extension of that reformation process.“This proposed amendment is consistent with the Ministry of Business Development and Tourism’s mandate to expand the economy, create jobs, and increase revenue through continued promotion and development of Bermuda as a first-tier international financial centre.”